The Humboldt LIT Community Benefits Agreement
Summary: The $50 million development of the Humboldt LIT (Loft Innovation Terminal) by IBT Group LLC, located on 6 acres at 1334 N. Kostner Ave, will bring catalytic change to the West Side. Nobel Neighbors, a 35 year old community organization that serves Humboldt Park between North Ave, Division St., Pulaski Rd., and Kostner Ave believes in community planning and community control over development. The following commitments, when agreed by the developer, will assure a collaborative relationship between the development team and residents. It make certain that long-term prosperity is driven by the long-term neighbors, businesses and stakeholders who have invested in our community for generations.
- The majority of the 800 permanent jobs brought to the neighborhood through Humboldt LIT will be marketed towards and go to residents from Nobel Neighbors’ service area, the 37th Ward, and the far West Side.
- All jobs in and through Humboldt LIT will be living wage jobs.
- A number of jobs will be set aside for hard to employ populations such as ex-offenders, youth, seniors, and the longtime unemployed from Nobel Neighbors’ service area, the 37th Ward and the far West Side. The number will be determined through collaboration with Nobel Neighbors, the 37th Ward and other far West Side stakeholders.
- Humboldt LIT’s marketing plan and outreach, through IBT Group LLC, Cawley Chicago and Mauge, Inc. will be retooled to reach out to and secure local Black and Brown creatives, non-profits, small businesses, makers, tech entrepreneurs and startups to lease out space in the development, as tenants. All tenants secured from the Nobel Neighbors service area, the 37th Ward, and the far West Side will be entitled to a lease less than the NW City submarket for office space ($25 SF.) and warehouse space ($5.42 SF).
- A percentage of local minority and women contractors/laborers from the Nobel Neighbors service area, the 37th Ward and the far West Side will be used for the 125 temporary construction jobs created through this redevelopment. Participation will be above the city requirement of 26% for Minority Owned Businesses, 6% for Women Owned Businesses and will include VBEs and BEPDs.
- A Humboldt LIT: Construction Opportunity Fair for minority and women contractors and skilled laborers will be held at a local elementary school or high school.
- Current commercial tenants of the property will have the “right of first refusal”, meaning that they will be given the opportunity to sign a formal lease or extend their lease at their current rent rates and less than NW City submarket rate after the first year. This will prevent displacement of current commercial tenants en masse.
- The developer will ensure that this redevelopment happens without ultimately displacing current residents or businesses. This will be ensured through ongoing engagement with Nobel Neighbors and other stakeholders.
- The developer will support local and city policy initiatives that keep housing, commercial, and industrial space affordable in the surrounding neighborhood.
- Quarterly reports will be provided to Nobel Neighbors and Alderman Mitts to monitor hiring, marketing and leasing commitments. This will ensure communication and accountability for all residents and stakeholders.
- These commitments will be in addition to the benefits outlined under Social Impact in IBT Group LLC and its partners’ Executive Summary sheet.